Chart of the Day: AMZN Announces 14K Layoffs

Amazon (AMZN) announces 14k corporate job cuts after Reuters reported the layoffs could be as high as 30k. Ben Watson looks at the technical setup on Amazon's chart following that news and ahead of its earnings announcement this week. He highlights $229 as a recent area of resistance to the upside and says the MACD momentum study indicates upward building prior to earnings. On the 1-year chart, Ben shows longer-term resistance points at $240 and $242. He draws a support line at $211 going back to June.

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